Several leading figures in finance and entertainment have been reported to support a new cryptocurrency fund from former cryptocurrency group investor Travis Sher, Silver Lake Partners co-founder Glenn Hutchins and his son James Hutchins.

According to a report by Yahoo Finance, the crypto fund has raised about $ 72 million from investors, including Paul Tudor Jones, rapper and actor LL Cool J, and former PepsiCo CEO Indra Nooyi. Hutchin’s father-son team will work with Cher to manage the fund through North Island Ventures, a New York company.

“We believe that cryptocurrencies offer solutions to some of the world’s most pressing problems, and our mission is to support the world’s best entrepreneurs to revive these solutions,” Sher said on Twitter of the fund. “We are just getting started.”

North Island has reportedly already used this fund to invest in seven different crypto companies, including Dapper Labs, the company behind the popular blockchain game Cryptokitties; Axelar – Project of Innovators of the Algorand Smart Contract Protocol; Nuri, a blockchain-based marketplace dedicated to financing projects to reduce carbon dioxide levels. Sher said that more will be announced soon.

Hutchins’ Silver Lake partners are also involved in controversial deals in retail investor shares from r / Wallstreetbets and large hedge funds. According to a Reuters report, the investment company sold its stake in AMC Entertainment last week, making about $ 713 million on the same day the stock reached an annual high of $ 19.90. Since then, the price has decreased to $ 7.02 at the time of publication.

Source: CoinTelegraph